In order to provide relief to taxpayers amid the ongoing COVID-19 crisis, the Income Tax (I-T) department extended the deadline for tax saving investments or payments for the financial year 2019-2020 up to July 31.
In a tweet on Thursday (July 2) the IT department said that, tax saving investments/payments for FY 2019-20 can be made upto July 31, 2020.
Understanding & keeping in mind the times that we are in, we have further extended deadlines. Now, Tax Saving Investments/Payments for FY 2019-20 can be made upto 31st July, 2020. We do hope this helps you plan things better.#ITDateExtension#FacilitationDuringCovid#WeCare pic.twitter.com/HZZJSmN8g7
— Income Tax India (@IncomeTaxIndia) July 2, 2020
The extension of the deadline is for making various investments for claiming deductions under the Income Tax Act, that includes section 80C (for life insurance (LIC), national savings certificate (NSC), public provident fund (PPF), equity-linked saving scheme (ELSS) and so on), 80G (for donations), 80D (for medical insurance), for the year 2019-2020.
The government last week had extended the deadline for filing of the income tax returns for FY 2018-19 by a month to July 31, 2020, and the deadline for linking Aadhaar with PAN also was extended to March 31, 2021.
Along with this, the Central Board of Direct Taxes (CBDT) had also extended the due date for the filing of the income tax return for 2019-20 to November 30, 2020.